CV Sciences Inc (OTCMKTS:CVSI) Reports $24.4 Million In Revenues In 2020: Launches PlusCBD Products

CV Sciences Inc (OTCMKTS:CVSI) generated revenues of $24.4 million in 2020. It maintains a $4.5 million in cash balance at the end of 2020. The company’s retail store count surged to over 7,300 (up 32.73% YoY) in 2020.

CV Sciences posted a drop of 45% YoY in revenues to $5.2 million in Q4 2020. The drop in revenues is on the backdrop of increased competition and the impact of coronavirus.

Unveils ProCBD product line

CV Sciences introduced clinical strength cannabidiol products – ProCBD through health practitioners in early January 2021.

The medical advisory board of CV Sciences specially created clinical strength CBD to satisfy the needs of patients. All these products are clinically proven and have undergone safety reviews post-market.

ProCBD products, which are formulated using distilled and decarboxylated hemp extracts, are ideal for specialist care. They are offered in Liquid, Roll-on, and soft-gel formats. Its features include plant-based, gluten-free, non-GMO, and vegan friendly.

CEO of CV Sciences, Joseph Dowling, said clinical strength CBD is proven to be safe and effective through multiple clinical trials, and it holds enormous growth potential in the healthcare market.

Several patients prefer plant-based and natural remedies for a variety of medical conditions. CV Sciences is pleased to introduce ProCBD products and partner with healthcare professionals who need natural substitutes for their patients.

Introduces PlusCBD products

CV Sciences introduced PlusCBD pet products, formulated using hemp extracts, for cats and dogs in November 2020.

PlusCBD pet products are available in 500 mg and 250 mg formats with flavors like salmon, peanut butter, chicken, and beef. Pet owners can also buy unflavored PlusCBD pet products for their favorite pets.

PlusCBD Pet products are marketed through online retail and natural channels. CV Sciences plans to sell its PlusCBD pet products through mass retail, drug, food, and pet specialty channels.

The demand for pet CBD products in the US expects to reach $563 million towards the end of 2020 and $1.7 billion in 2025 from $321 million in 2019. They offer treatment for pain, anxiety, and other medical conditions of pets.

Inks stock purchase agreement

CV Sciences signed a stock purchase accord with Tumim Stone Capital, LLC on December 8, 2020. As per the terms of the deal, the company can sell common stock of up to $10 million to the investors. The company will use the proceeds for marketing and sales activities and general corporate purposes.